Adam Smith and the Invisible Hand: from Metaphor to Myth1
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Twenty-Four Conservative-Liberal Thinkers Part I Hannes H
Hannes H. Gissurarson Twenty-Four Conservative-Liberal Thinkers Part I Hannes H. Gissurarson Twenty-Four Conservative-Liberal Thinkers Part I New Direction MMXX CONTENTS Hannes H. Gissurarson is Professor of Politics at the University of Iceland and Director of Research at RNH, the Icelandic Research Centre for Innovation and Economic Growth. The author of several books in Icelandic, English and Swedish, he has been on the governing boards of the Central Bank of Iceland and the Mont Pelerin Society and a Visiting Scholar at Stanford, UCLA, LUISS, George Mason and other universities. He holds a D.Phil. in Politics from Oxford University and a B.A. and an M.A. in History and Philosophy from the University of Iceland. Introduction 7 Snorri Sturluson (1179–1241) 13 St. Thomas Aquinas (1225–1274) 35 John Locke (1632–1704) 57 David Hume (1711–1776) 83 Adam Smith (1723–1790) 103 Edmund Burke (1729–1797) 129 Founded by Margaret Thatcher in 2009 as the intellectual Anders Chydenius (1729–1803) 163 hub of European Conservatism, New Direction has established academic networks across Europe and research Benjamin Constant (1767–1830) 185 partnerships throughout the world. Frédéric Bastiat (1801–1850) 215 Alexis de Tocqueville (1805–1859) 243 Herbert Spencer (1820–1903) 281 New Direction is registered in Belgium as a not-for-profit organisation and is partly funded by the European Parliament. Registered Office: Rue du Trône, 4, 1000 Brussels, Belgium President: Tomasz Poręba MEP Executive Director: Witold de Chevilly Lord Acton (1834–1902) 313 The European Parliament and New Direction assume no responsibility for the opinions expressed in this publication. -
Staying the Invisible Hand
Staying the Invisible Hand Jeff Madrick JUNE 28, 2018 ISSUE Straight Talk on Trade: Ideas for a Sane World Economy by Dani Rodrik Princeton University Press, 316 pp., $29.95 In 1997, when Dani Rodrik, a Turkish- born professor at Harvard’s Kennedy School of Government, published his brief book Has Globalization Gone Too Far?, progressive economists widely embraced his arguments that many free trade policies adopted by the US, which reduced tariffs and other protections, also weakened the bargaining power of American workers, destabilized their wages, and encouraged social conflict. “The danger,” Rodrik wrote presciently, “is that the domestic consensus in favor of Martin Roemers/Panos Pictures A clothing market in Cairo, 2011; photograph by Martin Roemers open markets will ultimately erode to the from his book Metropoli, published by Hatje Cantz in 2015 point where a generalized resurgence of protectionism becomes a serious possibility.” I remember that Robert Kuttner, the coeditor of The American Prospect, was particularly enthusiastic about the book. Almost twenty years later, he again praised Rodrik for his continued devotion to an empirically grounded skepticism of what Rodrik now calls “hyperglobalization.” Has Globalization Gone Too Far? challenged a mainstream economic belief that in 1997 was accepted with increasing fervor: that reducing tariffs to encourage trade almost always resulted in a healthier, more rapidly growing economy for all nations. If some workers in industries that directly competed with rising imports lost their jobs or had their wages reduced, it was assumed that the economy would create enough new jobs to compensate. Free trade had been a principle of modern economic theory since Adam Smith. -
Network Map of Knowledge And
Humphry Davy George Grosz Patrick Galvin August Wilhelm von Hofmann Mervyn Gotsman Peter Blake Willa Cather Norman Vincent Peale Hans Holbein the Elder David Bomberg Hans Lewy Mark Ryden Juan Gris Ian Stevenson Charles Coleman (English painter) Mauritz de Haas David Drake Donald E. Westlake John Morton Blum Yehuda Amichai Stephen Smale Bernd and Hilla Becher Vitsentzos Kornaros Maxfield Parrish L. Sprague de Camp Derek Jarman Baron Carl von Rokitansky John LaFarge Richard Francis Burton Jamie Hewlett George Sterling Sergei Winogradsky Federico Halbherr Jean-Léon Gérôme William M. Bass Roy Lichtenstein Jacob Isaakszoon van Ruisdael Tony Cliff Julia Margaret Cameron Arnold Sommerfeld Adrian Willaert Olga Arsenievna Oleinik LeMoine Fitzgerald Christian Krohg Wilfred Thesiger Jean-Joseph Benjamin-Constant Eva Hesse `Abd Allah ibn `Abbas Him Mark Lai Clark Ashton Smith Clint Eastwood Therkel Mathiassen Bettie Page Frank DuMond Peter Whittle Salvador Espriu Gaetano Fichera William Cubley Jean Tinguely Amado Nervo Sarat Chandra Chattopadhyay Ferdinand Hodler Françoise Sagan Dave Meltzer Anton Julius Carlson Bela Cikoš Sesija John Cleese Kan Nyunt Charlotte Lamb Benjamin Silliman Howard Hendricks Jim Russell (cartoonist) Kate Chopin Gary Becker Harvey Kurtzman Michel Tapié John C. Maxwell Stan Pitt Henry Lawson Gustave Boulanger Wayne Shorter Irshad Kamil Joseph Greenberg Dungeons & Dragons Serbian epic poetry Adrian Ludwig Richter Eliseu Visconti Albert Maignan Syed Nazeer Husain Hakushu Kitahara Lim Cheng Hoe David Brin Bernard Ogilvie Dodge Star Wars Karel Capek Hudson River School Alfred Hitchcock Vladimir Colin Robert Kroetsch Shah Abdul Latif Bhittai Stephen Sondheim Robert Ludlum Frank Frazetta Walter Tevis Sax Rohmer Rafael Sabatini Ralph Nader Manon Gropius Aristide Maillol Ed Roth Jonathan Dordick Abdur Razzaq (Professor) John W. -
Liberal Discourse
Liberal discourse - An invisible hand in free trade research? - An investigation into how global trade discourse is created through discourse interaction within research. COURSE: Globala studier 61-90, 30 hp PROGRAM: International work - global studies AUTHORS: John Bohman, Henrik Malmrot EXAMINATOR: Karl Hedman SEMESTER: VT17 JÖNKÖPING UNIVERSITY Bachelor Thesis School of Education and Communication Global Studies International Work Spring semester 2017 ABSTRACT _____________________________________________________________ John Bohman & Henrik Malmrot Pages: 30 Liberal discourse – An invisible hand in free trade research? An investigation into how global trade discourse is created through discourse interaction within research. _______________________________________________________________________ This paper uses a quantitative content analysis informed by a critical realist framework to study the patterns of international political economy discourse prevalence within research articles concerning free trade. Once categorized, there are observable differences in the extent to which articles in the different categories address other discourses. Analyzing these patterns using concepts from discourse theory, we suggest that the liberal discourse constitutes a regime of truth to which the other discourses must relate. It is also found that articles published in higher ranking journals are less likely to address other discourses. We argue that this could be explained as being an effect of the larger readership of those journals. Keywords: -
The Anarcho-Capitalist Society a Critical Analysis of Huemer’S Society Without Government
The Anarcho-Capitalist Society A Critical Analysis of Huemer’s Society Without Government Jacob C. Castermans S1551809 MA Philosophical Perspectives on Politics and the Economy Dissertation Leiden University Spring 2020 Supervisor: W. Kalf WorD count: 21008 Table of Contents 1. Introduction .............................................................................................................................................. 3 1.1 The Government’s Growing Sphere of Influence ......................................................................................... 3 1.2 A Society Without Government .................................................................................................................... 3 1.3 A Philosophically Convincing Political Theory ........................................................................................... 4 1.4 Structure of the Dissertation ........................................................................................................................ 5 2. Critical Analysis of the Methodology ........................................................................................................ 7 2.1 Introduction .................................................................................................................................................. 7 2.2 Common-Sense Morality .............................................................................................................................. 7 2.3 Ethical Intuitionism ..................................................................................................................................... -
Chapter 4 the Theory of Laissez-Faire
Page 15 Chapter 4 The Theory of Laissez-Faire It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest. — Adam Smith hy do some men succeed in business and others fail? Why are some people rich and others poor? Why does one company develop new products, make huge profits, and remain Wsuccessful while others fail? Why does one athlete become a superstar and another never makes the team? One possible answer to all these questions is that the successful are often better equipped to survive than those who fail. People who get ahead in life are usually those with both ability and the willingness to work hard. Those who fail either don’t have what it takes or just don’t work hard enough to get to the top. Some people believe that life is a jungle, that the rules of the game are to compete as hard as you can, take care of yourself and not to worry about others. If you lose, you have nobody to blame but yourself. Adam Smith and the Invisible Hand If you agree with the ideas in this introduction, then you probably agree with the philosophy of 'laissez-faire' and the social theory of 'survival of the fittest.' Such ideas are also guiding principles of the business people who do not want the government to interfere with their actions. It is the philosophy of those who are against ‘big government,' and who believe that too many rules in the business world prevent healthy, keen competition and stop progress. -
Anssi Halmesvirta the British Conception of the Finnish
Anssi Halmesvirta The British conception of the Finnish 'race', nation and culture, 1760-1918 Societas Historica Finlandiae Suomen Historiallinen Seura Finska Historiska Samfundet Studia Historica 34 Anssi Häme svida The British conception of the Finnish 'race', nation and culture, 1760 1918 SHS / Helsinki / 1990 Cover by Rauno Endén "The Bombardment of Sveaborg" (9-10 of August, 1855). A drawing by J. W. Carmichael, artist from the Illustrated London News ISSN 0081-6493 ISBN 951-8915-28-8 GUMMERUS KIRJAPAINO OY JYVÄSKYLÄ 1990 Contents PREFACE 7 INTRODUCTION 8 1. THE EIGHTEENTH-CENTURY IMAGE OF THE FINN 29 1.1. Some precedents 29 1.2. The naturalists' view 36 1.3. The historians' view 43 1.4. Travel accounts 53 2. ON THE NORTH-EASTERN FRONTIER OF CIVILIZATION: THE EVOLUTION OF THE FINNS 81 2.1. The science of race 81 2.2. The place of the Finn in British pre-evolutionary anthropology, 1820-1855 88 2.3. Philology, ethnology and politics: the evolution of Finnish 111 2.4. The political and cultural status of Finland, 1809-1856: British perceptions 130 2.5. Agitation, war and aftermath 150 3. ARYANS OR MONGOLS? — BRITISH THEORIES OF FINNISH ORIGINS 167 4. THE FINNS, THEIR KALEVALA AND THEIR CULTURE.. 191 5. COMPARATIVE POLITICS AND BRITISH PERCEPTIONS OF THE PROGRESS OF THE FINNS, 1860-1899 209 5 6. BRITISH RESPONSES TO THE FINNISH-RUSSIAN CONSTITUTIONAL CONTENTION, 1899-1918 239 6.1. Immediate reactions 239 6.2. The Finnish question: variations on a Liberal theme 253 6.2.1. The constitutionalist argument 253 6.2.2. A compromise 266 6.2.3. -
The Political Economy of Capitalism
07-037 The Political Economy of Capitalism Bruce R. Scott Copyright © 2006 by Bruce R. Scott Working papers are in draft form. This working paper is distributed for purposes of comment and discussion only. It may not be reproduced without permission of the copyright holder. Copies of working papers are available from the author. #07-037 Abstract Capitalism is often defined as an economic system where private actors are allowed to own and control the use of property in accord with their own interests, and where the invisible hand of the pricing mechanism coordinates supply and demand in markets in a way that is automatically in the best interests of society. Government, in this perspective, is often described as responsible for peace, justice, and tolerable taxes. This paper defines capitalism as a system of indirect governance for economic relationships, where all markets exist within institutional frameworks that are provided by political authorities, i.e. governments. In this second perspective capitalism is a three level system much like any organized sports. Markets occupy the first level, where the competition takes place; the institutional foundations that underpin those markets are the second; and the political authority that administers the system is the third. While markets do indeed coordinate supply and demand with the help of the invisible hand in a short term, quasi-static perspective, government coordinates the modernization of market frameworks in accord with changing circumstances, including changing perceptions of societal costs and benefits. In this broader perspective government has two distinct roles, one to administer the existing institutional frameworks, including the provision of infrastructure and the administration of laws and regulations, and the second to mobilize political power to bring about modernization of those frameworks as circumstances and/or societal priorities change. -
Individual Freedom and Laissez-Faire Rights and Liberties
Individual Freedom and Laissez-Faire Rights and Liberties ---Samuel Freeman, Philosophy and Law, University of Pennsylvania (Please do not circulate or cite without Author’s permission) “Law, Liberty, and Property are an inseparable trinity.”---Friedrich Hayek “Capitalism is a cultic religion.” ---Walter Benjamin1 The traditional philosophical justification for full or laissez-faire economic rights and liberties is an indirect utilitarian argument that invokes Adam Smith’s “Invisible Hand”: Individuals’ self-interested pursuit of income and wealth against a background of free competitive markets, with free contract and exchange and full property rights, maximizes aggregate income and wealth, therewith overall (economic) utility. The only limits allowed on economic liberties are those needed to maintain market fluidity and mitigate negative externalities. The traditional doctrine of laissez-faire also allows for taxation and provision for public goods not otherwise adequately provided by private market transactions, and perhaps even a social “safety net” (e.g. the English Poor Laws) for people incapable of supporting themselves. These arguments have a long and respectable history going back to David Hume and Adam Smith; they were refined by the classical economists, including J.S. Mill, were further developed by Friedrich Hayek, Milton Friedman and 1 Hayek, Rules and Order, vol I of Law, Liberty and Legislation, p.107. Walter Benjamin, ‘Capitalism as Religion,’ Fragment 74, Gesammelte Scriften, vol.VI. This is a chapter from a manuscript on Liberalism and Economic Justice I am working on. I apologize for its length. 1 Hayek, Rules and Order, vol I of Law, Liberty and Legislation , p.107. Walter Benjamin, ‘Capitalism as Religion,’ Fragment 74, Gesammelte Scriften, vol.VI. -
Econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Gesheva, Nadezhda; Vasilev, Aleksandar Preprint Revisiting the Invisible Hand Hypothesis: A Comparative Study between Bulgaria and Germany Suggested Citation: Gesheva, Nadezhda; Vasilev, Aleksandar (2016) : Revisiting the Invisible Hand Hypothesis: A Comparative Study between Bulgaria and Germany, ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft, Kiel und Hamburg This Version is available at: http://hdl.handle.net/10419/144162 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu Revisiting the Invisible Hand Hypothesis: A Comparative Study between Bulgaria and Germany Nadezhda Gesheva1 Aleksandar Vasilev2 American University of Bulgaria Abstract This paper examines Adam Smith’s concept of an Invisible Hand of the market in light of the underlying assumptions for the theory to hold. -
Suggested Reading and Viewing
Suggested Reading and Viewing If you enjoyed Sweden: Lessons for America?, you might also enjoy the following materials: SUGGESTED READING FROM JOHAN NORBERG Here is my own brief introduction to Sweden’s economic and political history and welfare state: https://www.libertarianism.org/publications/essays/how-laissez-faire-made-sweden-rich Mauricio Rojas is an immigrant from Sweden and an economic historian who went from being a Marxist to a free marketeer after meeting the Swedish model. Here is a very good and fairly short introduction to Sweden: https://timbro.se/app/uploads/2017/02/9175665891.pdf Andreas Bergh is a smart economist, who has explained Sweden’s peculiar combination of free enterprise and a welfare state: https://www.amazon.com/Revival-Capitalist-Welfare-Thinking-Political/dp/1783473495 Nima Sanandaji, an immigrant from Iran, who explains why Scandinavian welfare states aren’t so great as most foreigners think: https://www.amazon.com/Scandinavian-Unexceptionalism-Third-Way-Socialism-Political/dp/025536704X ADDITIONAL READING SUGGESTIONS Anticipating The Wealth of Nations: The Selected Works of Anders Chydenius, 1729–1803 (Routledge Studies in the History of Economics) 1st Edition by Anders Chydenius https://www.amazon.com/Anticipating-Wealth-Nations-Chydenius-1729-1803/dp/0415551331 The National Gain by Anders Chydenius https://www.amazon.com/national-gain-Anders-Chydenius/dp/B00086NYNQ Progress: 10 Reasons to Look Forward to the Future by Johan Norberg https://www.amazon.com/Progress-Reasons-Look-Forward-Future/dp/1786070650 -
Imagereal Capture
| 2 Fre dom of Information R view j Freedom of Information, a Finnish clergyman’s gift to democracy Constitutional rights, guarantees of freedom of speech reporting. Among the many facts which emerged was an and freedom of the press tend to be thought of as analo initially surprising revelation that one strand of the evolu gous with republicanism and the Constitution of the tion of Fol was deeply rooted in Seventh Century China. It United States. It is a matter of record that the First was also discovered that the first legislative moves Amendment to the United States Constitution — a docu towards freedom of information in any Western nation, ment guaranteeing freedoms of religion, speech, the and probably the world, occurred in Sweden and Finland press, assembly, and petition — has been seen as a (which was part of the Swedish Realm at the time) in model and a benchmark in other democratic nations. So 1707. In that year a statute was adopted compelling the too, have United States freedom of information laws and publishers of all printed literature to lodge ‘legal deposit its Bill of Rights. In fact many of the nearly 40 nations copies’ of everything they produced with government around the world which have some form of freedom of approved libraries.11 While not a freedom of information information (Fol) statute today,1 have at least partly act in the broad sense of making all government-held based their own legislation on the United States model.2 documents available to all citizens, it was a very signifi In reality, however, the United States was far from the cant forerunner of later laws for three reasons.